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Synopsis

The scope of macroeconomics and its microeconomic underpinnings; aggregation problems; partial equilibrium and general equilibrium analysis; the circular flow of income as a general equilibrium model; the mutual dependence of financial flows and flows of goods and services; sectoral composition of aggregate demand; business and investment behaviour; government spending and taxation; external balance and determination of current and capital accounts; labour market and aggregate supply; money, credit, and the conduct of monetary policy; inflation and unemployment; macroeconomic effects of deregulation in Australia.

Outcomes

The learning goals associated with this unit are to:

interpret recent movements in key economic indicators of the Australian and other economies and appreciate some of the definitional and measurement problems associated with the available data

understand the importance of distinguishing between the short-run and long-run impacts of macroeconomic policy

apply economic analysis appropriate to achieving an understanding of the working of the macroeconomy

recognise the significance of Australia's economy in relation to the rest of the world and the implications of this interdependence for the balance of payments and exchange rate.

Assessment

Within semester assessment: 40% + Examination: 60%

Workload requirements

Minimum total expected workload to achieve the learning outcomes for this unit is 144 hours per semester typically comprising a mixture of scheduled learning activities and independent study. Independent study may include associated readings, assessment and preparation for scheduled activities. The unit requires on average three/four hours of scheduled activities per week. Scheduled activities may include a combination of teacher directed learning, peer directed learning and online engagement.